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S&P lowers France credit rating, cites slow reform pace
November 8, 2013--Standard & Poor's cut France's sovereign credit rating on Friday by one notch to AA from AA+, giving a thumbs-down to President Francois Hollande's efforts to put the euro zone's second largest economy back on track.
All three major rating agencies had already stripped France of its top-grade triple-A status. S&P is the first to downgrade it for a second time, warning that the economic reforms of the past year were not sufficient to lift growth.
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Source: Reuters
EU bids to revive carbon market on eve of Warsaw climate meet
November 8, 2013--EU governments closed ranks Friday in a bid to resuscitate their moribund carbon emissions market meant to combat global warming, just three days ahead of crunch UN climate talks in Warsaw.
The European Union said it would freeze 900 million tonnes of carbon dioxide emissions quotas in the hope of reviving prices on its ill-fated Emissions Trading Scheme (ETS).
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Source: EUbusiness
iShares ETFs to Commence Trading on BATS Chi-X Europe on 18th November
Two iShares ETFs to Mark First Listings on BATS Chi-X Europe
November 8, 2013--BATS Chi-X Europe today announced that the iShares MSCI Emerging Markets UCITS ETF (Ticker: IEEM) and the iShares MSCI World Minimum Volatility UCITS ETF (Ticker: MVOL) will begin trading as secondary listings on BATS Chi-X Europe's Regulated Market on Monday 18th November 2013.
iShares is the exchange-traded funds (ETF) platform of BlackRock, the global asset manager. BATS Chi-X Europe is the largest pan-European equities exchange by market share and notional value traded.
BATS Chi-X Europe CEO Mark Hemsley said "We are delighted to welcome iShares as the inaugural issuer for our pan-European listings service offering these ETFs to our market participants across the pan-European trading community...
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Source: BATS
iShares' UK platform assets up sharply since RDR
November 7, 2013--iShares has seen its assets under management on UK wrap platforms swell by nearly a quarter since the introduction of the Retail Distribution Review, signalling that exchange traded funds are gaining traction in the UK's new fee-based advisory market.
BlackRock's ETF arm reported assets of £1.05bn ($1.69bn) held on nine UK platforms at the end of September 2013, marking a rise of 23 per cent since the end of 2012.
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Source: FT.com
Eurozone PMIs improve but signal weaker 2014 prospects
November 7, 2013--Eurozone business activity slowed in October, but less sharply than thought although by enough to dampen hopes for a strong recovery next year, a key survey showed on Wednesday.
The closely-watched Composite Purchasing Manager's Index (PMI) compiled by Markit Economics fell to 51.9 points in October from 52.2 in September.
But this final reading was better than the initial 51.5 given two weeks ago.
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Source: EU Business
World Bank Infographics-Back to Work
November 7, 2013--The World Bank infographic "Getting Back to Work: Growing with Jobs in Europe and Central Asia" is available.
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Source: World Bank
In blow to Putin, Russia slashes long-term growth forecast
November 7, 2013--Russia acknowledged for the first time on Thursday that its economy would lag global growth over the next two decades, setting the stage for an era of stagnation that could threaten President Vladimir Putin's grip on power.
Economy Minister Alexei Ulyukayev forecast that Russia's economy would grow at an average rate of 2.5 percent during that period-down from an earlier 4 percent and half the rate Putin targeted before his return to the Kremlin last year.
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Source: Reuters
ESMA Approves The DTCC Trade Repository In Europe
Next 90 Days Crucial For The Industry's Readiness To Meet Reporting Requirements
November 7, 2013--The Depository Trust & Clearing Corporation (DTCC) announced today that the European Securities and Markets Authority (ESMA) has approved DTCC's Derivatives Repository Limited (DDRL) to operate a multi-asset class derivatives repository in Europe.
Located in London, with a data centre in The Netherlands, DTCC's European trade repository will support trade reporting mandated under the European Market Infrastructure Regulation (EMIR) which is due to begin on 12 February 2014.
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Source: DTCC
ETP investors boost European exposure
November 6, 2013--Investors in exchange-traded products upped their exposure to Europe in October, with ETPs offering exposure to the region raking in $6.19 billion in flows during the month.
The hefty European ETP flows in October helped push total inflows for equity ETPs offering exposure to the region to $20.59 billion year to date, according to new figures from consultancy ETFGI. By comparison, in the first 10 months of last year, those products attracted net inflows of $5.88 billion.
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Source: Financial News
The FCA strengthens the listing rules to enhance protection for shareholders
November 5, 2013--The Financial Conduct Authority (FCA) has strengthened its listing rules to protect minority shareholders. The new rules will give shareholders in premium listed companies additional voting rights and greater influence over key decisions.
David Lawton, the FCA's director of markets, said:
"Active engagement by all shareholders is essential to make markets work well. By safeguarding minority interests from abuse by controlling shareholders, these changes will promote market integrity and empower minority shareholders to hold the companies they invest in to account."
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Source: FCA.org.uk
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